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26 Jun 2013
EUR/JPY testing the 127.00 region
FXstreet.com (New York) - The EUR/JPY foreign exchange rate has been riddled in negatively Wednesday, fortified by the 127.00 region during US trading.
EUR/JPY neutrality reigns
Following a recent weakness that has afflicted the pair, the EUR/JPY is now edging lower to test the 127.00 barrier, down -0.70%. “The EUR/JPY will encounter resistance at 130.43, which will hold the upside move – a break above this would open 133.80. Meanwhile, support is at 127.06 ahead of 124.72, suggesting a neutral intraday outlook.” calculates Gareth Berry, a Research Analyst at UBS.
EUR/JPY breach below 127.00 likely
According to Ian Copsey, an analyst at Harmonic Elliott Wave, “There is still downside in the cards for the EUR/JPY and this should see the 128.40-70 area cap (max 129.20) for losses to resume back to yesterday's 127.27 low and allow for the 127.05 corrective low and possibly even 126.80.”
EUR/JPY neutrality reigns
Following a recent weakness that has afflicted the pair, the EUR/JPY is now edging lower to test the 127.00 barrier, down -0.70%. “The EUR/JPY will encounter resistance at 130.43, which will hold the upside move – a break above this would open 133.80. Meanwhile, support is at 127.06 ahead of 124.72, suggesting a neutral intraday outlook.” calculates Gareth Berry, a Research Analyst at UBS.
EUR/JPY breach below 127.00 likely
According to Ian Copsey, an analyst at Harmonic Elliott Wave, “There is still downside in the cards for the EUR/JPY and this should see the 128.40-70 area cap (max 129.20) for losses to resume back to yesterday's 127.27 low and allow for the 127.05 corrective low and possibly even 126.80.”